 Thank you all for coming. We're delighted to have you here. This is part of a special series that we have been trying to create to inform the Washington policy community about a dimension that, frankly, very few people in Washington understand. And that is this remarkable new role that corporations are playing developing stronger society in the world. And I really first learned of it from Coca-Cola, back when Neville Isdale was the CEO, started learning about how he viewed this world. And for most Washingtonians, we think about the issues that Ackman's going to talk about today. We think about them under the label Corporate Social Responsibility. You all know that term. And it's sort of the price that corporations pay to be a good citizen in their communities. That's not what this is. That's not what this is at all. This is the way that Coca-Cola has reconceptualized its business model. If you are a great citizen in the communities where you operate, it's good for business. It's very good for business. You've got a healthier, happier workforce. They're more loyal. You have less vandalism. You've got better recruiting for new talent. I mean, it's good for business. And that reputation, people that are working for you that find pride and honor in working for you, that news spreads into a community. I mean, it's a wonderful thing. But in Washington, we don't really know about this. We tend to think about the development agenda as government appropriations. What do we spend? And so we're exploring, I think, and this is a wonderful opportunity today with Ahmed Bozer, who runs all of Coca-Cola except North America, just to give you a sense of his scale. So he touches the world, every place, and is going to give us a little bit of an insight in what it means to be a flag bearer for the values that are so important, we think, for America and for the world. Due process, rule of law, responsibility for the environment, correct and positive and constructive labor relations. I mean, these are the very issues that spring from this vision, and it is good for the world. It's good for us, but it's good for the world. And so this is an opportunity for us to get an inside view on how a corporation thinks about itself. The best model is to do well and to do good at the same time, because it's not only your mind is in the game, but your heart is in it, too. And so we'll have this opportunity. So would you, with your applause, please welcome and thank Ahmed for being with us today. Ahmed, please come up here. Thank you, Dr. Henry. I think the sound is okay. It's working. Thank you for that. Well, I'd like to say thanks for the credit for the weather. That makes it double credit for us, because when the weather is good, our business does better. And now having credit for that, that's great. But I probably wouldn't like my boss to know that, that I have the ability to do something about the weather, then I would be in trouble. So it truly is an honor to be here in CSIS. Our company has a long, long-standing relationship and a proud relationship with CSIS. I know that it is one of the world's leading think tanks that a multitude of constituencies benefit greatly from, including ourselves. And I'm quite excited that we are coming on the business angle to look at how businesses can help the world be a better place because of their presence in those communities. That's certainly what we thrive to do. We do not profess that we've excelled in it, but that's certainly the journey that we find ourselves in. And it really is a privilege for me to be able to share our journey with a group like yours, with the hopes that we can start pretty good dialogue and discussion about some of the social aspects of our business, as well as our business itself. So looking very much forward to our engagement. Talking about ASEAN, if this was 20 years ago, let's say 17 years ago, less than 20 years ago, I think today here we would be talking about the Asian crisis and the run on the bank, exchange devaluations, high interest rates, bankruptcies, and quite a wave of pessimism about the region and the businesses. And I'm sure at that point in time, if we were projecting what the ASEAN economies will be, we would not be projecting some of the things that I'm going to count now. And in fact, please keep in mind the following. I really believe the number one, not the only, but the first social responsibility of the business is the fact that it does the business and creates the employment, creates business for its suppliers, creates business for its value chain, etc. So in that light, economies like ASEAN present an incredible opportunity before we get to the point about how we do that business to really become a force for good. If you look at the ASEAN countries today, their GDP right now is at $3.5 trillion as of last year. Now, for a fair comparison, if you say let's take EU as one, well, that ranks, if you take EU as one, that ranks ASEAN as the fifth largest economy in the world behind EU, United States, Japan and China. So any other country or group of countries that you could think of is behind ASEAN. If you look at foreign direct investments last year that flew into ASEAN countries, we see a number like $114 billion compared to China which I think was around $120 billion. So it certainly is of a very significant size. 600 million people, that is more than the sum of, well, probably around the sum of EU and US, it's almost as large as Latin America, a pretty high population. The trading over the last 15 years has actually doubled between these countries and we know that when the countries start trading with each other, it really benefits the entire community that way. And it's not just about money, if you look at the Human Development Index during this time, you also see that that is improving in the ASEAN countries. Another striking ratio is the poverty levels which I guess is defined differently but for the purpose of this statistic, it is about a percentage of those people who live with under $1.25 a day. That number used to be in near 50% levels 10 years ago. It is now 16%. So there is significant poverty alleviation that has already happened. Now, if you look at the demographics, it's a very, very young community, a median age in the high 20s. One other statistic people look at demographics is the dependency ratio, dependency of young people and their parents and then the old people. So those ratios are improving significantly. So there's a very strong demographic dividend that's expected out of the ASEAN countries. I think if I list all of these together, 17 years ago when the Asian crisis was storming the markets, we would not have anticipated that. And this more or less sort of underpins the thinking of the Coca-Cola Company where we are present in every country in the world except for North Korea and Cuba, where we take a very long view with the assumption that the populations, the emerging middle class, urbanization, these demographic trends will eventually work and the road to get there will not be without its problems. Those problems may last a number of years, but the overall direction of the development of the global economy is that it will provide us the opportunities to thrive in these markets and therefore we invest in them. If you look to the future, we've talked about the demographics. I also believe strongly that as the ASEAN economic integration gains speed, which I think it has made a lot of progress up until now, that will be a further catalyst for continued development of these economies. So yes, every emerging market has its challenges. As a global company, we have challenges in emerging markets. Believe me, we have challenges in developed markets, both with financial impacts or non-financial impacts, but one is not better or worse than the other. That's part of doing business and I would position the ASEAN region no differently than that in terms of the challenges that those developing markets are giving to us. Clearly, it's a very compelling investment story, ASEAN countries being the fourth largest economy in the world. A couple of, well, maybe one personal anecdotes, you don't really appreciate the potential of these countries until you sit down and talk to the youth of these countries. And every time I go to these countries, I try to connect with the youth and you may be familiar with the World Economic Forum's Global Shapers program where people under the age of 30 who are nominated to the Global Shaper are organized on a city-by-city basis. And these kids are extremely successful in what they do, some of them entrepreneurs, some of them in academia, yet they come together to try to address the social issues of their countries. And I have had a session in Jakarta with the Jakarta hub of the Global Shapers. It was about a two-and-a-half-hour session and I have listened to the story of every single one of these Global Shapers. And frankly, by the time a Global Shaper started thinking, my assumption of the extent and scale of the impact these young people create, I found out that assumption was so wrong because these youth are creating an enormous impact on whatever social cause they take. To give you one example, we've heard a story where, from nothing, one young lady who graduated from, I think, pharmaceutical or agricultural discipline has actually created a business of creating rose soaps. And the reason she did that was she was concerned about the wealth of the farmers or the unfairness in her mind of how the farmers were benefiting from the rose farming. And she went into business to solve this problem. This is the kind of thinking that's coming out of the grassroots of the youth in these countries. And this is when you know, regardless of the problems we may face in the short term, elections may introduce some questions, then things will be okay, and then you'll have other questions. Again, all of this will happen, but the people, the youth in the region is the source of confidence and hope that we all can have in these economies. So a little bit about Coca-Cola. Our business model, some of you might know, but is one of the most fascinating business models of, I think, business history is what I would say. And it is that incredible combination of local presence and global scale at the same time. So it is local because everywhere we do business, we produce. In the ASEAN countries, we have 47 manufacturing plants. We employ around 34,000 people, our system employees in these countries. And we get to 4 million outlets, day in, day out. We are in these outlets having a relationship with the retailers. And we've been there a long time. Like in Philippines, we've been there in over 100 years. And in Indonesia, 87 years. And in Myanmar, as you know, close to two years. So quite, but it is a local business where we source ingredients locally. We hire people locally. We pay taxes locally. We serve the local customer, local retailer, and our supply chain is completely local. Yet we are a global company that can bring expertise on many issues. We can be very quick in being able to establish supply chains that meet the quality standards that we have, which applies equally around the world. Now, what that also does is because we source locally, if we are to buy certain ingredients from a local supplier, they're going to have to meet those quality standards. But what happens when they meet those quality standards is they become better suppliers. That they can actually start exporting to other parts of the world because of their quality standards being raised. So this combination of local and global allows us to operate in 205 countries in a way that makes us part of the local communities with the right relationships and with the right understanding of the consumer and the customer in those markets. Now, Dr. Hamry mentioned briefly about the way we aspire to go to business in these countries. And I'd like to say a few words about that. The question about social responsibility of the business has been around for a long time. We all remember maybe 35-40 years ago different schools of thought where the social responsibility of the business is really just to make profits, was one school of thought, whereas there was another school of thought saying businesses has to be more active in the social area. We believe that debate should really no longer be had in those either or terms because the reality that we face day in and day out for a brand like ours with a presence like ours, global footprint like ours, people really look to us to do the right thing or they keep us accountable to too many things. So for example, in the case of water, we are a user of water everywhere we operate and in those communities you may be facing water shortages. So addressing the water challenges for us is not a matter of social responsibility, it's a matter of sustainability of our own business. But the beautiful thing is once we see it this way that we want to make our business sustainable, well first we have to make sure that our community is sustainable, when we make the community sustainable they want us to stay there. And we've had wonderful examples of that in India where for whatever historical reasons that the plants that we have might now be in water stressed areas. And a great example where we were able to do is that we have connected with the local community and supported those farmers to have more efficient usage of water as well as recharging the water back to the ground because in India it's not the fact that there's not enough water, there is, it's just there's too much in a small period of time and nothing in a long period of time. So if you can steward those water resources to recharge back so you're actually solving the problem and when the local community farmers are benefiting from that because A, we are recharging more than we're using so we're not a, we're a net contributor, but we're also helping them to be more efficient users of water to get better yields. Now you can call this a social responsibility but we call it business because our business in this case is on a much more solid footing for a sustainable long-term growth if we do not act in this way. Another very important initiative that we have which again is a business initiative which happens to have a very positive social impact in addition to the creating employment etc. is the empowerment of women and all around the world if you look at the statistics I think this might be from United Nations I'm not sure but the statistic goes like this 60% or 66% of all the work done in the world are done by women yet only 10% of the income earned is earned by women. So there is a stark discrepancy or a statement of fairness in there yet with the 10% of the income women earns they invest what they earn with their families and with their communities upwards of 90% of what they earn. So then the theory goes that if you can actually economically empower women around the world that will help the communities become better communities which I think is a very very solid proposal. It is on that basis that our company has made a commitment to economically empower 5 million women by 2020. Now the beauty of this is that the economic empowerment happens within our supply chain so we have go to Africa go to China in other parts of Asia in our supply chain you would see significant amount of women either as retailers or distributors that are working in our supply chain. We know their issues and problems sometimes it's difficult for them to run their finances sometimes it's difficult for them to access financing sometimes they need to be networking with their peers and sometimes they need to get learn about better business practices. So all of these things are little things that the companies can do that help the women in business to be better business people to balance their budgets books in the right way so that they can be more efficient with their money and so that's our 5 by 20 program where we have committed to economically empower 5. So again this is not necessarily a social responsibility program it's a business program because when the women entrepreneurs are successful in what they do that means our supply chain works better. So again this is our way of fusing the business objectives with the sustainability objectives that we face. Third area of sustainability that we get involved in a lot is the well-being so it's actually three W's women, water and well-being and obviously that's our commitment to a healthy generation of people in the world to come and we see that we have all become a lot more sedate generation than we used to be. We don't move as much and one thing that we hear that the medical community, scientific community agrees on is that if we all moved a little bit more, if we were a little bit more active that would improve the well-being that we're looking for. So we have committed to having health and well-being programs, healthy active living programs in a number of countries around the world right now we're in upwards of 120 countries where we're touching millions of people with programs like Copacococola etc. and the health and well-being of the communities are critically important to health and well-being of our business. I'll touch on one final thing very specific for Southeast Asia and that's Myanmar. When we declared or started investing in Myanmar there were a lot of questions that we would get from the business community well what about human rights in the country, what about transparency, what about environment you know we don't know much how can you actually go just like that and started an investment in Myanmar and those were all very valid questions those are all very valid questions but we have actually taken this approach of involving the right stakeholders from the very beginning and we have conducted an extremely detailed due diligence process which we have filed with the US State Department. Today you can go on the website and look for Copacola doing business in Myanmar or that's the name of the report I think that you would see every single area of due diligence that was done and we have gotten a lot of accolades from people saying how transparent we were and we really were leading the way in doing business there demonstrating the fact that even in environments that may not be so well known to everybody that we can establish certain principles and values that apply to the whole world that we follow everywhere we can do them in Myanmar too and we can explicitly state our policies and procedures and how we are going to do that in Myanmar in connection thanks to CSIS with their support in connecting us with the very stakeholders there and start our business so it was a question of not just promoting our brands but also promoting our values in terms of how we do business so that now we can talk about becoming a force for good in Myanmar rather than dealing with all the other questions that we were faced with so in conclusion I would like to assert that those of us in the business world and those of you who look at us that business can really be a force for good for a number of things we have a lot of resources probably the sense of accountability in business is among the most stressful type of accountability that you can have you have to deliver results so you have to take action so business is an incredible institution that can make a difference and if business sees its horizon as long term as infinity we see ourselves as leaders of carrying the torch from one point to the other and the next person takes but the business enterprise will live forever if you look at it with that kind of a mindset the only way to think about it is to ensure that the communities in which we operate are healthy are thriving therefore we make that part of our business model going forward so with that mindset I think it becomes a very very powerful force there is of course one more thing that allows us to make this impact so much more and that is the concept of what we call the golden triangle the problems of our world are so immense that no one business on its own can really look to make a material difference but I think when the businesses and the governments and the civil society find ways of collaborating behind common goals then the impact becomes so much more and this is what we thrive to do and this is difficult it is very difficult even sometimes within a company that different departments sometimes have challenges collaborating with each other if we're talking about businesses, governments and civil society that's a tall order and we certainly are committed to those and we have many good examples of those golden triangles that's making a difference in ways that we have not envisioned at the time we started these golden triangles so if we can sort of mount that concept to the concept of this really long term business outlook which looks to exist within sustainable communities then business can be a wonderful force for good and impact people's lives for the better so and I think that in turn would strengthen the position of the business and the community would strengthen everybody's position and the world would be good for the United States it will be good for the world and it will be a virtuous positive cycle that we will all find ourselves in so I'd like to conclude my comments here and to allow some time for debate and dialogue but this is the message I just wanted to share with you thank you and I'm going to have my coke now and at Bozer thank you very much for that very interesting and insightful overview of the role of ASEAN the importance of ASEAN, the economy its importance to the United States economy and the importance to companies and for your description of how companies like yours particularly Coca-Cola operates in the region my name is Murray Hebert from the CSIS Southeast Asia program I have the honor now of chairing the moderating the conversation with Mr. Ahmed Bozer so if I will recognize you if you have questions there will be microphones please wait for the microphone, identify yourself and then please ask a question so in the back there good afternoon, thank you I'm Stephen Donahue from McLarty Associates one of the things that you said that intrigued me was this view of having a long-term horizon as a publicly traded company that has to provide quarterly earnings reports how do you convince both your shareholders but especially the market watchers that that's a good policy yeah, thank you for that and that's a very live and real question you know in today's business world and probably this was the case a long time ago as well but one feels that you always have paradoxes you have the short term and the long term you have to have global scale but you have to have local presence and I could count so many other paradoxes you have to deliver your core business like Coca-Cola you have to do new businesses and these are all paradoxes and we believe that one of the key tasks of the leadership of business is to be able to rise above those paradoxes and do the right thing at the end of the day we know that a myopic focus on the short term is going to be harmful for us in the long term and then by the way that time comes quicker than ever before now a single minded focus in the long term might get you in trouble because you may not get through the short term to get to the long term so it is a paradox where you have to address both now how does it work? how do you address both? I think in reality in reality if you really think deeply most of the decisions that you face are probably not so paradoxical and I'll be happy to share an example if I'm not taking too long to answer a question there are some decisions that are paradoxical in that regard and yes you won't always favor the long term but those will be in terms of maybe delaying that long term initiative by a certain amount of time rather than taking a mindset of being completely close to that so within that mix it is something that needs to be managed but I would consider that we would not be doing our leadership task properly if we accept the fact that because we're a public company and we have to deliver quarterly results as per expectation and therefore we cannot be focused in our long term then we shouldn't do our jobs we should go somewhere else and do something else so that's what the business requires from us it's not a perfect equation all the time but I think it's a viable journey Alex Feldman from the US ACM business council you talked about ASEAN but I'd like to just go back to that a little bit and understand how COC sees the ASEAN economic community which as you know will come together officially at the end of next year and whether there's... we've got 54 or 47 manufacturing plants in Southeast Asia how are those going to sort of have a local presence global scalability is there room for something in the region and sort of taking advantage of the regional opportunities that ASEAN might offer even though your business is very local and you've got to go down to the individual operators Yeah, actually that's a great question and generally the COC business I always use the term it is sort of small if you look at a case of this product it's sort of big in size but small in value those kinds of businesses that every time it's 50 cents that you're charging yes there are opportunities to scale production in certain ways in certain cases but generally you would always have a local production facility to do that however there might be different kinds of products that might be enabled better scale quicker within the community that this integration could give us an opportunity to maybe produce in one country and distribute in many but for most of our core that would be the case having said that I think we would indirectly benefit a lot from the economic integration because the tide would be rising and I think we would be rising with that as a result Hi, I'm Aviva I'm a Ph.D. student in public policy at American University I grew up in Guangzhou, China during economic reforms so I'm probably the first generation of Chinese mass-consuming Coca-Cola McDonald's, I like his shoes so I think one of the amazing things is you actually change our lifestyle Asians have a very stubborn taste about food and drinks but what is the difference to say Starbucks when they first entered Chinese market they tried to position their brands as luxury brands but you never did that so have you ever worried about what happens if Chinese people don't like this special taste or why do you stay in the very popular line of the market Thank you Well, one of the reasons I love this product is that it is the same product that anybody in any social strata in any country can enjoy and have the same experience there are not too many products like this that can be so far-reaching so that has been our ticket and we have been very fortunate I think we're sort of standing on the shoulders of a lot of giants that have started in 1886 and brought this business 126 years to create this product and taste that everybody around the world enjoys very much and once we have the ice cold perfect serve of Coca-Cola and once you experience that it's a taste that you like it uplifts you, it refreshes you and it works in China too China is one of our very important countries of course so hope that answers the question If I could just ask you a question from the moderator I'm going to ask you about Myanmar you talked about the due diligence and the various activities you needed to follow to do your investment you also have done some special projects to empower women and I think it might be useful people would appreciate hearing sort of the kind of model you used in Myanmar to be beyond just beyond your investment you also have a project to boost the livelihood of women Yeah, and that's in line and part of our 5x20 empowering 5 million people by 2020 obviously those 5 million people would come from different countries including the world including Myanmar and I've also talked about the Golden Triangle you know we are able to make those efforts a lot more effective if we have a local NGO or the local government who are working with us as part of this project so we've partnered with a local NGO we've again brought our own 5x20 team into it and our country operations team to execute the projects in that regard Please, sir My name is Ed Gurwin I'm an international trade consultant and thank you Mr. Poser very much for your remarks that were very very helpful I think they were eye-opening to many of us who follow global trade my question is about the many people more broadly who don't follow trade as well and when you listen to the debate they talk about things like foreign investment by American based multinationals you hear these very simplified dumb down stories you know companies invest so they can pay slave labor wages and send dumped products back to the United States as you know that's not the story but the question is I know it's difficult for you to kind of brag on yourselves and to talk about what you're doing can those of us in the larger community do to better get that message out so that people have a more complete and nuanced understanding of what our US based multinational companies actually do for good in the global economy Yeah great question and I hope to well I don't mean to I should say sort of reverse the question you know we try our best to tell our story the way I've done in multiple platforms including directly with the governments and the civil society I think I would say if I had to say one thing about what we can do about this is we very frequently encounter sort of negative thinking about any subject this world is a very dialectic world there's great stuff that's happening and there's terrible stuff that's happening okay that's probably gonna be the way it is for a while so we unfortunately hear a lot more about the negatives so I think my call to everybody in here is that you know if we step back and look at the total picture we would see more reasons to be encouraged that these types of investments are actually becoming a force for good we face this in many other forms we sometimes have to go to great lengths to prove that we're really trying to do what I've just talked about here without any other secret agendas or anything like this and some parts of the world people are more skeptical about about these so we have to keep the positive yet rational outlook on this and keep giving the message that way I'm sorry that I don't have a better answer than that but that's the only thing I could think of back there my name is Adam Murray when you mentioned the Golden Triangles it sounds a lot like the public-private partnerships that we talk about in government and I'm wondering if you could address maybe are there specific areas where those types of partnerships are really effective whether that's in promoting transparency or health or environmental protection and from the viewpoint of the private sector what makes a really effective partnership with the government thank you a couple of examples I could throw from Africa even though it's outside of Asia here but the ones that I felt really left a very good mark is that in Tanzania the government had a problem of getting certain medicines to remote parts of the country so people look at us in Africa they say well you are the most widely distributed product there are many places in Africa that you can't find sometimes even the basic necessities but you can find Coca-Cola so well maybe we should go to Coca-Cola and we should put in their trucks all the medicine of course it doesn't work that way so we cannot use our distribution system to solve the world's problems however this is where we form the Golden Triangle partnership with the government and with other companies to share our supply chain learnings how do you set up the best supply chain in a country like Tanzania to get those medicines to remote parts of the of the country and we've had a significant I don't remember the number now but significant increase in the availability of this of these medicine and that made a difference and that was a great example another one we have is what we call project nurture so here's a great example we are going into this business in Africa we have been in it we're growing our juice business well we use mangoes we use passion fruit we use all kinds of fruit well can we not grow those fruits in Africa in an environmentally friendly way and help the livelihood of the farmers and then buy those products from them because what they need is the visibility of the products so we've done project nurture with TechnoServe Bill and Melinda Gates Foundation and Coca Cola again another golden triangle partnership where we have trained 50,000 farmers we've actually made them more efficient we've upgraded their technology and we're buying their fruits and for to create fruit juice for ourselves so those are the kinds of things I guess what it boils down to to your second question government or NGOs or the tripartite let's say that we got to take enough time up front to be very clear on the opportunity or the problem we're trying to solve then ask ourselves what do we really honestly have to contribute to that you know we are very clear as Coca Cola company we are we think we're good in marketing you know we recognize as a marketing company we can get messaging across and that's one thing and we have distribution opportunities we have great partnerships all around the world we have an incredible global reach it is Coca Cola is a bit like a passport you know when you actually when you're in the passport line they ask you what do you do you say you work for Coca Cola they look at your passport shorter I think sometimes they don't everywhere so those are the assets we can bring so the other part of the golden triangle also has to be very clear and how can we mix and match these strengths to solve whatever issue we're trying to solve so I think if that kind of time could be spent in the public-private partnerships they would be a lot more successful thank you Mr. Bosa my name is Chinning Wendwood voice of Vietnamese Americans I thank you for your work and I thank Coca Cola for the path that it has been serving in Asia I'm from Vietnam I'm now a Vietnamese American and I thank you for talking about ASEAN and you had talked about the three W's women well being and water and water the water is the important I'm asking you if you have in your program any thinking about the Mekong river that where Myanmar Cambodia Laos and Vietnam and Thailand all comes together with the needs for water and the women there would certainly need your help in empowering them to do whatever that you think could be and in that if I may have the privilege to work with you with our NGOs and civil societies in those countries because I had the opportunity to know quite a few people working in the project below Mekong rivers and very concerned about the situation of the Mekong river recently they had a summit in Asia yes we have this partnership with the World Wildlife Fund where we're focused on a number of river basins around the world I believe Mekong Delta Mekong River is part of that I think the best way to pursue your question is if we can connect with Matt and Kate so that they can provide you more information on that project and the women's empowerment part of that and see what opportunities could be identified thank you I'm Bob Hershey I'm a consultant in bringing together your golden triangle are you able to use the internet to get more transparency and get the local communities and supply chain people all together and express their views in a transparent manner great question the use of social media obviously is top of mind for all businesses for a business to become let's call it a social enterprise in that sense in all its forms it's a journey I think Okola Company has made incredible strides in social media I think we have now 70 plus million fans in Facebook so we are in social media with our consumers connecting with our customers I think what you're suggesting is to extend that social presence to the golden triangles and others we may be doing it to be very honest I don't know the specifics but even if we're not I think that's an excellent suggestion to continue to expand our social media presence good afternoon I'm Paul Randolph I'm the director for East Asian Pacific for US Agency for International Development and on behalf of USAID we've had a number of very productive partnerships I guess in your golden triangle around the world but particularly in East Asian Pacific most recently was in response to the typhoon in the Philippines where Coca-Cola has partnered with USAID to reestablish over a thousand of the local what they call sorry sorry stores to reestablish businesses which are mostly run by women in the Philippines so we thank you for those partnerships and we look forward to more you mentioned the your re-engagement in Myanmar and starting up in the last year and starting responsible investment and that's very much something that I know the US government is promoting for the Myanmar re-engagement have you seen other businesses kind of joining Coca-Cola's model and following your lead in the sense of how you're approaching your re-engagement to make sure it really is an inclusive economic opportunity for all the people and do you work for instance through like the ASEAN business council or others to promote that model with other investors? Well first of all thank you for your recognition of our great partnership in sharing the information on Philippines we do get a lot of questions from the business community about Myanmar and we could sense that there is a lot of consideration and excitement about following our path and so that has not necessarily yet translated into a specific investment at this stage but we are quite encouraged by the phone calls we get about people asking about Myanmar and generally when Coca-Cola goes in because we may not be our multiplier effect may not be as much as an auto industry or something but it's not, it's considerable when generally the multiplier effect is 1 to 10 so it is only natural that this will happen over time because we've gone in there In the middle Thank you very much My name is Shinichi Sobe with CSIS My question is regarding TPP Trans-Specific Partnership which is negotiated among 12 countries and I think four ASEAN countries included If this trade pact is enacted do you think it's going to raise your business cost in emerging countries because you have to follow high labour environment standard or is it going to be an opportunity to promote universal value any views appreciated Thank you very much Thank you for that and we as I said we strive important for us that we operate with the same value set around the world whichever country we're in so what happens with certain trade agreements or associations doesn't change that from our standpoint so for example when we make a commitment we make a global commitment we made a global commitment about the quality of our wastewater treatments all around the world that applies to Afghanistan, Iraq Yemen, United States Germany so it applies everywhere that's as a global company we cannot afford to have different standards so as it relates to TPP the real benefit for us will become I don't know, I haven't looked in detail about whether this would have a cost increase which on us we cannot answer that but we know that overall we see this in Africa we see this everywhere where there's more international trade and investment going back and forth between countries it benefits everybody and it benefits our business as a result of that Thank you very much for joining us here today I really appreciated the opportunity to understand a little more in-depth what the business community plays and the role of Coca-Cola Company in the larger role of the US foreign policy and the role of the US in the larger community so thank you very much Thank you